Similar (or better) build quality to Smartwool for much less. Can't go wrong! It feels very soft and fuzzy; I expect that to change judging by my other Woolly shirt which is a few years old now (still going strong though). I would say the 190 GSM weight makes this shirt a three-season shirt, though I do occasionally wear it on cooler summer evenings. I would not recommend getting this shirt in gray if you plan on being active in it. Sweat stains show up really dark on this shirt. I like being able to jump off my bicycle and into a social situation without looking like a sweaty mess. Black is best for that.

Concerning size, I sit between US Mens shirt sizes M and L. I generally go with size L shirts because I like the looser fit, but since this is meant to be a base layer, I went with size M, and it fits well. The sleeves are quite long.

The team at Wolly know how to design and size. I tried a couple of other brands Un-B+ and M+-Tech, but both of those size too small. I had to buy M-Tech's t-shirts in XXL to get a t-shirt that fits like an XL is supposed to fit on me. I'm 6'2", a 44" chest, 34" waist, fit and trim. Those other brands XL's were like wearing something that severely shrank in the dryer.

Wolly properly sizes an XL. For example, XL size Polo RL fit me exactly like a Wolly's XL t-shirt's and Polo's. I have since purchased several Wolly Merino Wool t-Shirts and polos. This Henley is awesome. Folks, sleeves on a Henley are supposed to be a bit longer because you do things in them like ride a bicycle and swing an axe, a baseball bat, practice archery... And when doing so, you don't want your selves to ride up your forearms. (Note that bike jackets feature longer sleeves, ride a road bike and you'll appreciate a longer sleeve as you lean down stretching a bit to reach the handlebars.) I love this Henley from Wolly and will be buying many more in different colors.

As far as the negative reviews go, I can say mine did not smell when washed and did not develop holes. Mine are also not paper thin. I have the v-neck in black and two henleys, black and charcoal, all long sleeve, all everyday weight. Washed the v-neck a few times. No issue. Washed the black Henley once, no issue. Haven't washed the other Henley yet. Sleeves on charcoal just a bit longer but I seem to remember the blacks were that way and shrank the perfect amount for me. I wash in cold, inside out, with woolite for darks. Hang to dry. I do that with any clothing I want to last including my denim. Took the v-neck on a trip to France, wore it multiple times without washing, did not smell. Looks good. But for backpacking/hiking/camping, I'm not sure I'd take these. Don't seem durable enough but since I've never done it, I can't be sure. Also, if you don't like the hem tag, it's easy enough to remove by simply citing the threads. No harm to any of my shirts at all.

Nice material, quality construction. Seems are well placed and stitched. I am a tall slender guy and M fits me well, might be a very different story for a short or more stout individual. Being Merino it is a bit shiny. Color is pretty close to pictured and I am the same build as the model. I would consider buying another if it were on sale and the color I initially wanted was available. Not impressed enough to buy another one currently.
Update... I find myself wearing this shirt more often than any other and in all weather. It has washed well and still looks and fits great. The color I originally wanted is now available so I ordered another one. I also have tried two other well known brands of wool LS shirts and was very disappointed, so I am more impressed with Woolly now. Still wish they weren't made in China.

I have been into wool for about 10 years now. It's an expensive addition, so it takes time to build a wardrobe. And Gaining weight doesn't help.
I have noticed 3 common problems with my wool, none of which this shirt has shown.
1) seams coming undone.
2) too itchy
3) lint balls forming.

The wool is soft even after several washes.

9/19 update: I now own 4 Woolly shirts. I find myself promoting them everywhere.
My only complaint is that I have one shirt that fits larger then the others. I'm half tempted to see if I can't shrink it a little in the dryer.
If you currently wear wool you will not be disappointed in the quality and value. If you don't wear wool you should try it, you will dread any day when you don't have a clean wool shirt to wear and have to resort to cotton.